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a fiscal cliff deal was reached, republicans claim to have leverage in the debt ceiling debate based not entirely on their threat of default. but as the clock winds down, there are calls for the gop to fall in line and the calls are coming from their own side. for instance, financial services roundtable, which is headed by failed gop presidential candidate and former minnesota governor tim pawlenty and represents nearly 100 of the largest financial service firms in the country. the roundtable is set to increase pressure on congress to raise the debt limit, warning that failure to do so will make the markets go haywire. because 2011's debt ceiling showdown was an expensive game of chicken. it's estimated borrowing costs increased by about $1.3 billion in that year alone and a total of $19 billion over the next 2k5ikd. keep in mind in 2011 we didn't even breach the debt ceiling. big business, wall street, the job creators can't afford another round. these reliable republican allies are saying basically, enough is enough. even karl rove seems to have recognized republicans are in a desp
in america right now. and we're hearing about fiscal cliff and debt ceiling and money here and there and cuts and whatnot. it is about what the republicans want to take from the lower-income americans. that is the issue. and our next guest, bernie sanders, wants action. and so do the american people. i was struck by his essay in the huffington post that was titled "the soul of america." so well put. because folks, this is, as i said, an ideological battle. and the deck is basically stacked against you if you're in the middle class or below that. we're experiencing more income inequality now than we have during any time in a period of history since 1928. the top 1% owns 42% of the country's financial wealth. 1% of americans own 42% of the country's wealth. as for the bottom 80%, they own only 5% of the wealth. yet despite those kinds of statistics, the republicans and the big money donors who back them are aiming for more. we've heard all the rhetoric. we don't have enough revenue. well, wait a minute. we've got too much revenue going in. it's a spending problem. but we all know the reality of
in washington over spending cuts and the debt ceiling will mean for hiring. companies continued adding jobs even with the uncertainty over the fiscal cliff. and, many economists believe firms will increase payrolls this year in spite of the debt ceiling debate. >> i don't think that the spending cuts will be as significant headwinds for the u.s. economy because these spending cuts are made over ten- year period. there won't be a significant amount of spending cuts that will take place in 2013, so that's why i think it's less of an issue. >> reporter: still, there's ample concern about what the expiration of the payroll tax cut will mean for spending and ultimately hiring. don't forget all americans will see a smaller paycheck this year, because of that change. >> consumers aren't well poised to absorb a 2% tax increase and nonetheless that's what's going to happen, and it's going to keep us stuck in this slow growth territory. >> reporter: and, slow economic growth makes companies less confident about adding new workers. as a result, it is widely predicted that this year will be another period o
and not have a discussion about the fiscal cliff and now the debt ceiling and then probably the next one. we need to continue to generate confidence. and if we do that, i think we will have nice markets here, automotive being one of those in the u.s. aerospace, very important. we could see, also a rebound in the building and construction market. >> susie: you mentioned the word confidence, and the word that we mostly hear from any business companies, they use the word concern. you've heard this all the time. how does that impact alcoa. how does it impact your order? >> well, it impacts them -- for instance, let's go to the smaller medium business owners in the truck business. all right? where we saw they have pretty much been cancelling orders in the last year, and it has been coming down. there was a little blip in the fourth quarter because they saw the tax credits would be running out, and that's why they ordered again. but i saw people reading the news and watching tv, and they ask themselves, do i invest in my business or do i not? the average age of the fleet that they hold is older th
. he's back to face new battles over spending cuts and raising the country's debt ceiling. elizabeth corridan has more on that. >> "i believe we need to raise the debt ceiling, but if we don't raise it without a plan to get out of debt, all of us should be fired." if you have a comment or story idea for stanley, e- mail us at peoplebehavingbadly@kron4.co m >> reporter: strong words for a new congress, the new years deadline for the so-called "fiscal cliff" has come and gone. now lawmakers start a new session under pressure to avert another financial crisis - this time over raising the debt ceiling. if an agreement isn't reached by late february or early march, the united states risks defaulting on its financial obligations. the argument this time around will be over how much congress will agree to cut spending. >> "the bottom line is we can't continue down the path we're on of borrowing money to pay our own debt with, and we've got to have serious spending cuts. we've got to have dollar for dollar within the same year." >> reporter: >> reporter: but key democrats say the debt limit a
when we hit the debt ceiling right. >> the debt ceiling coming up. debt ceiling in fiscal cliff has now become 2013 issues. but us talk about another winner. this of facebook shares rally above $30 a share. we are on our way up it is a winner for facebook. >> the ipo had people screaming like a scalded champ. it is up 10% this year so it's a matter of when did you buy it. after announcing a mystery press conference for tuesday next tuesday the 15th. i looked at their peak about 160. that is pretty expensive. they got something. they have this do it hasn't called yet. >> maybe it could be a retail announcement that they have. maybe it will be a fall, streaming, or games. a lot of people are expecting that will show off their new building. >> i think it will be a new hoodie. >> let us talk about a loser bridge piers is leading the x factor after one season. she met a lot of money after one season. >> if she did you hear what is it? >> no. >> she said i quick y'all. >> to the new paula abdul is she? beating she is working on an album with will iam. >> $15 million per season. i quick y'all.
of the negotiating with the president anymore. with the cliff behind us and the debt ceiling ahead of us and the sequester, do republicans really have any bargaining power left do you think? >> sure because -- because we have this debt limit. right now i mean the president's bargaining power in the last few months has been that all we cared about was "protecting tax cuts" for "the rich." that issue is off the table now. what we're now trying to do is reduce the deficit. stop the spending, reform the entitlements. in order to reduce their costs but also to save them. only 1/3 of medicare is paid for by medicare taxes. the rest is borrowed. every single day. and this can't go on. and it's not speculation that it can't go on. the only three countries that have a greater debt-to-gdp ratio than we do are greece, spain, and japan. s and and -- and what's happened for them is bad, the outcome for us will be bad. i'm not sure when and how it will manifest itself, but it will be bad. we have to get it control and under control now. and i think that's an argument that most of the american people u
will not negotiate around the debt ceiling. at the same time, republicans feel like they have much more leverage in this debate. they felt like they were kind of on the losing end of the last fiscal cliff fight with their position that could have caused some tax increases on everyone, including middle class americans. so they were in a tough spot. they feel like this is an issue where they have more public support. the issue that we need to cut spending and that we shouldn't just keep raising the debt ceiling. so those are the dynamics going into that fight. add into that that speaker boehner is in a somewhat weakened position coming out of a tighter than expected fight for him to be reelected speaker. he will be speaker again but had to overcome some dissension in his own ranks to get in that position. and it's not just the debt ceiling fight. rolled into that was the sequester, which was pushed back only two months as part of the fiscal cliff deal, and we have part of a government funding bill that's going to expire in march. we have a lot rolled into one fight here. >> we do, and we have anot
, you mentioned the debt ceiling, don't forget the other cliff that we face, which starts on march 1st now, which is those automatic across the board spending cuts which republicans say we're willing to go through with those unless we get a deal with the democrats on those big entitlement programs. stuart: they're going to stand firm. maybe firmer ground to stand on, i'll give you that. >> that's right. stuart: but they've got former speaker pelosi saying we still need more revenue and this time we'll get it not by raising tax rates on the rich, but just by reducing and restricting the deductions available to them. that's another taxing. so, i mean, the parsing is clear. whether or not they get it in this debate, that's not a story, but the policy is clear, raise taxes on the rich, no matter what, do not cut spending, do not reform entitlements and ignore the debt. that's the policy. >> you're exactly right, stuart. basically the bottom line there, the two sides, the republicans and democrats are as far apart today as they were three months ago before this all began. and i've talked to
by the debt ceiling debate, by the other cliff. >> 2.0. >> go into international, try to find companies that are much less levered to the united states. that may be the way. i've been talking about mexico, brazil, india, these are countries that have very solid governments that don't seem mickey mouse. remember, i hearken back to michael, looking at the partisanship in our country. had esaid not since the reconstruction period, reconstruction in our country has it been this partisan. it's hard to invest in that environment. >> it's not going to get better anytime soon. >> there's only one good story out of washington. >> what is that? >> i know exactly where he's going. >> where am i headed? >> rg3, baby. >> thank you very much. that's the only thing out of washington -- they beat seattle. which i don't think they can do. they'll finally get the fiscal cliff, the debt ceiling off the front pages and that's what's necessary. it's the great american athlete. >> we'll put a friendly wager on that one. my guys are looking good. >> that's all i'm saying. >> they're looking good. >> but washi
about the spending, nothing about the debt ceiling anding in about the cliff. >> and it gave president obama more political juice and energy so he is going forward and he is saying he is not negotiated about the debt ceiling or anything else. >> mcconnell who could be a clone from "invasion of the body snatchers" was controlled by joe biden goes out there and at the last minute give as deal that screws the country, and his own party and he is re-elected after losing two senate lesses. it is unbelievable. none of them in washington understand this, they are both spending parties and they are basically both --. >>gregg: and the rasmussen poll, spending cuts should be considered in every federal government program, and 62 percent agree with that. yet many do not think it will happen. >> it will not happen based on what we saw. no one is talking about spending cuts. no one put a plan on the table like simpson-bowles to cut spending and to restore economic growth. >> if they could not do it past a year and a half they are not going to. >> this was a peter by an expert on the economy, and th
the fiscal cliff fight. we'll have another debt ceiling fight. we may end up with something in total close to to what simpson-bowles proposed. >> i think that would be good for the frunt. austan, thanks so much. >>> they stay submerged for months at a time in tight quarters without even seeing the sun. serving on u.s. submarines is a new role for female sailors. we'll spend some time with one of them. bright students are getting lost in the shuffle. and administration's work gets more complex every year. when you look at these issues, do you see problems or opportunities? with an advanced degree in education from capella university, you'll have the knowledge to meet these challenges and make a difference in the lives of students. let's get started at capella.edu. >>> women in the military are definitely making strides under water. cnn's pentagon correspondent chris lawrence talks to an officer who's on track to become the navy's first female submarine commander. >> reporter: it's a new frontier for female sailors. submerged for months, no sun, no space, no sleep. lieutenant junior grade ma
the debt ceiling rate with the fiscal cliff game we saw? miss tyson, let me begin with you. if i understand your view correctly, you feel we have a situation in the economy where too much austerity would do the economy a great deal of damage right now. but an awful lot of people on the other side of the aisle say if not now, if we don't address spending now, when are we going to do it and that we have been saying fundamentally the same thing will take care of spending later, later, later and it never gets taken care of? >> well, i think that it is correct that we don't need fiscal austerity now, but we do need to -- a long-term plan to bring spending growth down in the future. you know, if we had a political system that worked efficiently, we could have both. we could have a plan, a long-term plan, maybe with some triggers. the federal reserve has triggered its interest rate policy based on what the economy is doing. so why not put in some spending cuts now, trigger them in gradually as the economy recovers? we could do that. >> tom, let me get your take on this. >> i think we're in a crisi
's talking about the fiscal cliff. rightfully so. >> you mean the debt ceiling? >> yeah, fiscal cliffs i would call it. because i think there will be an interesting debate that we haven't really embedded in the market yet. >> we fixed the fiscal cliff. we're done. we're all good. >> i think we're going to be hearing more about this cliff in the second round. we've already heard it -- >> it abyss? the debt ceiling or abyss? our -- >> both. >> our long-term problems or the debt ceiling? both? >> both. absolutely both. you know, it's maybe early -- >> everybody's got the leave off the zeros, it's compelling. making $22,000. we're spending 38, adding $16,000 to our credit card every year. >> and you owe -- >> we already owe $150 -- $162,000. that does -- that hits home. can you imagine a household trying to operate like that? >> people write back that the analogy is flawed because the household, as a household you're earning currency -- it shows how much we've overspent. >> we cut -- and we raised $38 or something. >> it's too small, right? at $600 billion over ten years, it's not even a dro
and the debt ceiling. what could be more important than 87 dead americans every single day including kids. historically the republican party has been owned by the nra and the democrats have been literally sort of kowtowed into submission. there is a debate finally going on and it's outrageous that the gun guys are saying--and i'm a gun owner--but it's crazy. they're saying arm teachers, armed guards at school. now in the face of 20 dead babies they're going to parade around their guns and say our president, who is absolutely a second amendment supporter. he has done nothing on guns in his four years is now saying let's have a background check and a ban on assault weapons. these are reasonable initiatives. >> jennifer: most of us watching this, and i know you are probably at the he head of this parade has seen this happen time and time again. there is always the focus and then it dies down. do you think that because of bloomberg's focus and financing that there could be a counter balance that might actually be effective as a way to battle the gun lobby in congress? >> i do think it's possi
the looming debt ceiling and sequester. the u.s. -- joining us me now chris van holland, ranking member of the house budget committee. i hope it's a happy new year, but it looks like you're facing even more deadlines, and they are more perilous, even than the dead lien you all had on new year's eve when you were voting at 11:15 at night or something like that. let's talk about what lies ahead? i has also suggested that changing the way the cpi is computed for social security, the chain cpi and changing the age requirements for medicare should be one way to go on the upcoming budget negotiations. that's a nonstarter according to most democrats. where is the running room for any kind of room for negotiations? >> well, andrea, first of all, i hope we can now at least ban the expression fiscal cliff from our vocabulary going forward. >> let's hope. >> you are right. we're right back into it, and we're back into it because republicans just judging helped in a bipartisan way, gotten over the fiscal cliff are now threatening that the united states will not pay its bills. that we'll actually de
of the fiscal cliff. because the default, if nothing happens, is that the debt ceiling is not raised. what that means it doesn't mean, as some who would demagogue this issue suggest, i doesn't mean a default on our debt. whatnot raising the debt ceiling would mean is a partial government shutdown. roughly 40 cents of every dollar the federal government spends is borrowed. if you don't raise the debt ceiling, that 40 cents is temporarily stopped. now we did that in 1995. we didn't default on our debt. >> woodruff: right. the result was balanced budgets and some of the greatest fiscal responsibility was seen we've seen in modern times from congress because fiscal conservatives stood together and said we need to be responsible. >> woodruff: let me ask you about a couple of other issues. that is guns. you're a long-time proponent of gun rights. you're the father of two young girls ages 4 and 2. after those terrible shootings at that h elementary school in connecticut, have you changed your views at all on how available guns should be especially the high-capacity rifles? >> i think every parent
-term fince the debt ceiling may be a hurdle between the height white house and gop. joining us is wendall who is traveling with the president. >> the president warned the republicans not to use the fight over the debt ceiling to trigger government spending cuts. but there is it every indication that they will do so . republicans will probably have more leverage than they did in the fight over the fiscal cliff. the problem is, even the threat of defaulting on its debt and lower the credit rate raising the cost of borrowing money and could trigger a global depreddings. >> if congress refuses to give the united states the ability to pay the bills on time. the consequences to the global economy could be catastrophic. last time our entire economy suffered. our familis and businesses cannot afford that dangerous game again. >> congressional office said it will leave 900 billion a year in deficits. republicans say by raising taxes on the wealthy. they ended the revenue debate. it still requires a balance of spending cuts and revenue from renorming the tax code. republicans do agree that the tax code
and the speaker said that the president said that he n't going to have a debate with us over the debt ceiling. he also sayshat he's not going to cut spending along with a debt limit hik. fiscal cliff behind us on the focus turns to spending. speaker boehner cited a new poll, shwing 72% of americans agree with him. but any increase in the debt lit must be accompanied by an equal amount in spending cuts. senator john cornyn saying that if the president intends the president intends to carry through with his no negotiation threat, but a government shutdown may be the only way to find resolution. the new senate majority leader is saying that it may be necessary to partially shut down the government in order to secure the fiscal well-being of our country. the looming deadline for action has been obvious. and in every instance the white house has purposely blow up the process in a shameless attempt to score cheap political points. "the washington post" reported the top ally in the senate may not be fully on board with his approach his imperious stance, if you will. senator harry reid reportedly warned
start hitting the debt ceiling and the other issues, we're going to have some problems. >> i expected that uncertainty because there was a lot of talk about that having really drastic effect on the jobs numbers. but it didn't. and i'm trying to figure out if that's an offset because of the holidays and all the seasonal hiring, you just heard christine romans reporting that health care's up and food services and drinking places and construction. >> right. >> but is that just -- was that a blip? >> well, i think it's generally good news, right? and there's more good news in the report that i haven't heard talked about much. we saw wages rise by 0.3% month to month which is a good thing, that's above what we think inflation should be and we've also seen the amount of hours worked from 34.4 to 34.5 hours per week and that means we're seeing people getting paid more and working more hours and that's a very helpful sign, so there are some good things that are happening. we still have to worry about the other things that christine talked about like small businesses not hiring as much and may
's saying that's not an emergency? 87 dead americans every day and the fiscal cliff or debt ceiling is more important than 87 families burying their children and family members every day? that is immoral. and the nra is immoral. and let's face it. the gun industry controls congress and until the people take back their congress, it's going to be more massacres, more gun sales, more money back to the nra supporters in congress. >> let's get in you on this, michael. there are conservative groups backing this gun appreciation day. >> yeah. >> but for those who think it's just republicans or conservatives who are so-called gun rights advocates that's not the case. i want to play freshman senator highcamp. she was on abc's "this week," their sunday morning program. >> i think you need to put everything on the table but what i hear from "the washington post" and white house, that's way in extreme of what i think is necessary or even should be talked about. and it's not going to pass. >> certain things are not going to pass and the things she was referring to listed as possible proposals from the p
it right? will we go over the cliff, another debt ceiling and if we don't we could have a very robust capital markets this year, an that's what encourages me for the big money centers. for the smaller guys starved for loan growth and margin pressures they will be buyers. the really small guys will be the sellers and you'll see a lot of m & a opportunity out here. >> jason this morning you raised estimates on three banks. you lowered estimates on nine banks. tell me what was behind that. you're expecting the quarter to be what, more negative than positive for the sector overall? how do you see it? >> fine tuning here and there with overall estimate. i think generally for the earnings for the quarter. we think about half our banks will beat expectations. half miss. if you think during the course of 2011 the banks steadily beat numbers and fourth quarter a lot due to expenses they hit a road bump. this year they have beaten consensus through the first three quarters of the year so it's interesting to see what the fourth quarter brings, but we do think the market compression will be an is
and now the lines are drawn for the battle or -- over the debt ceiling. >> add -- as i sad earlier this week one thing i will not compromise over is whether congress should pay the bill for a tab they have already racked up. if congress refuses to give the government the about -- ability to pay its bills on time, the consequences could be catastrophic. >> speaking for the republicans today michigan congressman davecamp faulted the president and congressional democrats for not working hard enough to incorporate meaningful spending cuts in the fiscal cliff deal. >> and the food and drug administration is proposing two sweeping rules to prevent food becoming con taminitied -- contaminated. the first rule would require companies that process food to take measures to prevent the risk of contamination. the second would require companies that harvest fruits and vegetables to prevent e. coli contamination. >>> well, time to get rid of that christmas tree. next, the city of coig has made that easy for some chicago residents. >> and it's that ti
postponed spending cuts for two months and left the debt-ceiling situation unresolved. "the big spending cuts didn't occur. we just don't know where those are at yet." and then there's the cost of obamacare. in some places, small companies are said to be preparing to downsize to get under the 50-employee cut-off. "companies just aren't taking chances. they're worried the economy will turn south. they're willing to stand pat rather than hire any time soon." sectors with the fewest layoffs include construction, retail, electronics, industrial goods, healthcare and government - the last two, healthcare and government, partly due to the ramping-up of obamacare. "they are hiring to create a cost-savings program for government to improve cost- efficiency. they hope to achieve a $400-million savings for an $80-million cost." for the year, the biggest reasons for layoffs were tied to company restructuring and closing of facilities. the deep political divide over whether to raise the debt ceiling is the next issue out of washington that could stall out business on wall street. republicans are vow
and the forthcoming debt ceiling, the united states faces a much deeper challenge. for more than a decade now, for many decades by some measures, america's growth rates have slowed. recoveries have been jobless. and median wages have declined. some combination of the information revolution and globalization has placed tough pressures on high-wage countries like the united states. these new forces of technology and globalization are accelerating and without a strategy to revive growth, long-term growth, all our problems get worse, including and especially our debt. washington's focus so far has been on raising taxes and cutting spending. it should really be on reforming and investing in the american economy. historically when the american government or the world bank or the imf advised countries that got into trouble, they usually stress that achieving fiscal stability, austerity was only a part of the solution. the key to reviving growth is structural reform to make the economy more competitive, as well as crucial investments in human and physical capital to ensure the next generation of grow
. they have not only those spending cuts that were delayed as part of the fiscal cliff, they have the debt ceiling to deal with and now these nominations of chuck hagel and john brennan over to the defense department and cia. so now, it is a question of how much time they have, but a lot of people will be watching, does harry reid make that time? >> some states are taking this one step further, proposing state laws that would make it criminal for a doctor like yourself to ask a patient. you could lose your medical license for asking, is that correct? >> yeah, it was even more than that in the original version of the bill down in florida, for example. and there are seven other states like this. the original version is that you could impose jail time for simply asking. so a physician asking a patient about guns could land them in jail, according to the original version. there was a scaled back version that was subsequently put forward, that you could still lose your medical license, you could get financial penalties. that was subsequently overturned by a federal judge, but it's being appeale
that? >> because i dhoint she thinks she was raped >>> the fiscal cliff, not important. the debt ceiling, not important, at least according to newt gingrich. at least they are not to him. details on why newt says it is time for washington to take a good look in the mirror. >>> 2013 is proving to be moore expensive for many americans. we will show you the top ten items that will cost you more this year. just use your maxperks card and get a case of x-9 paper for only 1-cent after maxperks rewards. find thousands of big deals now... ...at officemax. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. [ male announcer ] when diarrhea hits, kaopectate stops it fast. powerful liquid
and the debt ceiling over hang gives people reason to be down beat in order to reset the bar so it can be easily beaten. [ boo ] it could make the earnings season the most difficult one in years. [ ghost ] >> that said, we're not quitters. we give you a game plan. we'll be listening for more than just quarterly reports next week. starting monday we'll try to get a read on one of my favorite groups and not that economically sensitive. the bio techs. we're doing it courtesy of the jp morgan pharma conference. it's the most important conference of the year. i love this group so much. the health care con fab. what are we listening to? you know what i want to hear? cellgene speaks at 11:00. they are located in summit new jersey and so am i. we stuck with this one through thick and thin. how many times did people desert it? we haven't. i think it's going to be a great 2013 story. then at 2:30 we look forward to hearing from a favorite who defied all expectations withdrawing the promising als drug due to lack of efficacy. the stock barely dropped. how does that happen? simple. i think there i
americans. the debt ceiling fight is very, very different than the fiscal cliff fight. the fiscal cliff fight was something where we could anticipate a lot of problems coming if we went over it. the debt ceiling fight is very, very different. it will -- if it goes to the crisis the republicans talk about creating, initiate a broad meltdown as regards our economy. and it runs the risk of putting people out of work. >> so many comparisons being made to what happened in the '90s under newt gingrich. the world economy is a lot different right now. i know your "nation" magazine has done a lot of reporting on this. who would be affected the most? who would survive and who wouldn't? >> well, small businesses would be devastated by this because you'd see a locking up of capital at a very, very rapid rate. and anybody who relies on a line of credit could end up in really big trouble -- farmers, working folks, anybody trying to get a mortgage. you would see a very, very quick impact. and the problem is also the instability of a situation like this, especially at a point when our economy is just b
deal. now we are preparing for the debt ceiling. do you expect the same contentiousness and loggerheads? >> i think it will be contentious. it should be. we continue to borrow and spend. we don't cut. we are headed down the road to financial destruction, as everybody knows. we do need to pay our debts, but we don't need to keep incurring that debt. that's the argument we should make. we have to come to financial sanity and we are not there yet. i believe at theep of the day, if the president will get involved -- if he will get involved, we could do some good things, but we have to cut spending, we have some type of a grand bargain? i don't know. but we are in better shape than we were on the tax stuff. >> you said you would like to see the president get involved. let's listen to your boss talk about that? >> the single biggest threat to america's future and that's our excessive spending. i would like for the president to lead. it is a shame that we have to drag him to the table. >> and also, the president recently remarked that he does not want to get into a fight over the debt ceiling.
congress narrowly avoideded that catastrophic fiscal cliff, now we're facing another debate, the debt ceiling. many members of congress say the last-minute brinksmanship that happened with the fiscal cliff is not going to be repeated when it comes to raising the debt ceiling. others may not be on board with that. republican matt salmon of arizona had this to say. >> i was here in the government shutdown of '95. it was a divided government, democratic president of the united states and a republican congress. i believe that that government shutdown actually gave us the impetus, as we went forward, to push toward some real serious compromise. i think it drove bill clinton in a different direction, a very bipartisan direction. >> joining me now, l.z. granderson and will cain, both cnn contributors. good morning, guys. >> good morning. happy new year. >> happy new year. i'm so glad to be back. i've been on vacation, and i feel like i'm talking about the same stuff, which i am. i wanted just to lay out the idea of a government shutdown for people who can't remember as as far back as 1995 be
forlnesses. in washington, molly henneberg, fox news. >>> just ahead, if it's not the cliff, it's the ceiling. days after lawmakers avoid going over the fiscal cliff, they are now worried about another obstacle, the debt ceiling. >> later, how do you show your redskins pride? if you're this woman, you show it one fingernail at a time. that story and more, coming up on the news at 10:00.  . >>> president obama might choose his next secretary of defense on monday. right now, it looks like that choice is former nebraska senator chuck hagel. but the republican lawmaker won't necessarily have an easy time getting through the confirmation process. james rosen reports. >> reporter: the white house sources had cautioned that no decision had yet been made on the top pentagon spot, but two democratic sources told our ed henry that chuck hagel, former two-term gop senator from nebraska is likely to be nominated early next week. a maverick who opposed the surge in iraq and toured the mideast with then-candidate obama in 2008, hagel is assured of rough sledding in confirmat
their intentions to hold the debt ceiling hostage once again. >> i think there's going to be a whole new field of battle when the debt ceiling rolls around. most of us have pledged that we're going to have to, before we vote again to raise the debt ceiling, even though it may be at great political cost, we've got to address spending, and that means entitlements. >> well, there you have it. republicans are treating the debt ceiling as a bargaining chip. the senate republican leader thinks he has a winning hand here. mitch mcconnell is leading the charge to get major concessions out of the president of the united states in exchange for a vote to increase the debt ceiling. mcconnell wrote an op-ed for yahoo news today saying the fiscal cliff fight represented "the last word on taxes. that debate is over. the strategy is only increase the debt limit if there is an equal amount of spending cuts. we simply cannot increase the nation's borrowing limit without committing to long overdue reforms to spending programs that are the very cause of our debt." that's what makes my blood boil. it is the wars t
with the fiscal cliff fight behind him, the president faces another looming showdown over the nation's debt ceiling, its borrowing limit. today, senate minority leader mitch mcconnell insisted the tax issue is resolved but demanded spending cuts. >> i wish the president would lead us in this discussion rather than putting himself in a position of having to be dragged kicking and screaming to the table to discuss the single biggest issue confronting our future. >> reporter: also tonight, an administration official tells nbc news that the president is likely to name his selection for cia director tomorrow, the person who would replace david petraeus. the two men who are being considered as top candidates right now are the homeland security and counterterrorism adviser to the president, john brennan, and on the left of your screen you see the acting cia head, mike morrall. lester? >> thank you. >>> in addition to the battles over the debt ceiling and cabinet nominations, the president has a lot more on his plate in the coming weeks, including a fight over guns after the tragedy in newtown. and
the debt ceiling. but, you know, he cease himself as having won something in the fiscal cliff go-round, chris, and so -- and i think that boehner sees himself as having lost something and needing to win back the fealty of those tea party republicans. so i still think we're in for an ugly few months. but i think they -- if they won't do the debt ceiling, they have less leverage. >> what a country. let's drop left wing, right wing for a second. we're the country of the world, we're the role model, we're the city in the hill, right? what a joke teaching democracy this way. >> i'm not sure the framers of the constitution envisioned a day when the members of congress would hold the president hostage. >> and not pay their debts. >> by not paying their bills. you have the cr, the continuing resolution that funds the government running out in march. you have the sequester deadline, which they couldn't deal with this time. they kicked down the road to march 1. and you have the debt ceiling hitting about the same time. so you have three cliffs. it's going to be a three ring cliff, a three
with a -- fix the fiscal cliff and deal with the debt ceiling? >> the fiscal clefted not fix the debt, and that was the big debate during the fiscal of conversation. is this affecting tax policy or is this about trying to pixar debt and deficit. there was a group that said let's fix the tax policy in deal with the deficit later. as supporters sang, we must deal with the debt and deficit which is the bigger issue. gerri: you voted against it. >> i did. gerri: what can we do about this? what can we do about this? >> well, we have three things. people will hear them thrown together by the senate and presidency, but there are really three different distinctly different things. the debt ceiling, the sequestration that has now been punted for two months, and we also have what is called a continuing resolution all will be abbreviated as a cr. all three are good moments to deal with spending. but they're all very different, not the same. sequestration is our agreement that we are going to cut spending, 100 billion this year. that got punted for two months as part of the fiscal cliff and will
th minute. this is a pattern everyone has gotten used to but the fiscal cliff and the debt ceiling are the last big tail risks we think of the tail risks that we have to worry about, saw we would say once we get past that over the next several months we think it will lift a little bit of a cloud and investors will take risks. >> good to see you. >> good to see you. >> thanks so much for joining us. >> bob, thanks to you as well. ten minutes to go before we close it up. the dow jones industrial average holding on to a gain of 50 points. >> well, this herbalife soap opera is continuing. herb greenberg is coming up. all over the big move in the stock. take a look. up 3.25% right now. we'll show you what's behind it. >> and can you believe the iphone was only introduced five years ago? it is true. five years ago today, in fact, so here's a trivia question for you. the iphone alone is worth more money than what whole tech company combined? tweet us your guesses at cnbc/closing bell. at 1:45, the aflac duck was brought in with multiple lacerations to the wing and a fractured beak. surger
. i think, you know, in the end the debt ceiling is resolved like the fiscal cliff is resolved. it's messy. it's late, but in the end we get through it. >> robert, real quick here. final question. one chart that sticks out in your mind that looks particularly compelling from a technical standpoint that's going higher. what would it be? stick your neck out for us? >> you know what? i think it's a contrarian call. we've been talking about the energy space and gotten tremendous pubback from many clients on the interest there, but it's generally one of the last cyclical areas investors rotate into. there's opportunity here between now and going into the middle of q2. >> we'll watch energy. thank you for that. make us some money. guys, thank you very much. see you soon. have a good weekend. >> appreciate that. >> notable ipos on next week's agenda as well and bob pisani has the lowdown on that angle. hey, bob. >> quiet recently, but next week we'll get a brand name. take a look at this, norwegian cruise lines, believe it or not, third biggest cruise operator in neckor america, going to
these emergencies, the fiscal cliff negotiations, the debt ceiling, then they don't feel like they have to do it. i'm not going to pretend i'm a person who can go into the senate and get these people to talk to each other and come to some kind of a conclusion and do what they're supposed to do. this is so out of control and so unacceptable that they think that they should be able to operate this way. i'm just being honest with you. i wouldn't even know where to start. melissa: mark, what do you think? what is the first step getting a budget together? >> i think the first thing we need to do is deal with the pressing problem, what are we really negotiating about? is it about talking about cutting spending or are we talking about spending more? that is where the compromise comes in and unfortunately we're at a point right now with the democrats, we have republicans trying to put the brakes on the car before it goes over the cliff and the democrats want to negotiate how fast the car should go. in my mind until we get to the point where we discuss compromise on spending and compromise on cuts we can't
the naaionns debt ceiling agaan.../.thht & deadline... is only two months away .../ and... republicaas are expeeted to push for omething ...that was dropped... almost... entirely from the fiscal cliff deal.../ cuts... & in government sppnding. 3 mcconnell sayss "we cannot agree to increase that borrowing limit wwthoutt agreeing tooreforms that lower the avvlancce of speeding -3 that'' creating this debt in the first placee"obama ays, many thhngs, i will not have another debate withhthis congress over whether or not they''e already racked up through the laws that they passed." passed." 33 the last ebt ceeling debate fliittd with the first evvr us governmmnt default and left us wwth a ssiggtly lowered credit rating. 3 wx>-3 3 3 wx> 3 3 3&pgettinngthe blame foo obesity. tte substance that can ttick you inno eating too much. 33 pi'm going to ttyyagain this year to gettinto better physical hape p3 3 sticking with your new years pesslution... how you're pmartph
. with the fiscal cliff in the rear view mirror, raising the debt ceiling is washington's next big drama. we look at why its so important. >> susie: i'm susie gharib. that drama, could have a new cast member, we're learning the president will nominate jacob lew as his next treasury secretary. >> tom: and with its reputation already on the ropes, a.i.g., the big bailed-out insurer, decides against suing uncle sam. >> susie: that and more tonight on "n.b.r."! >> tom: there could soon be a new signature on the dollar bill, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tr
to raise the country's debt ceiling. shortly after lawmakers reached a down to the wire deal on taxes to pull the country back from the fiscal cliff earlier this week, the president tried to preempt the debt limit showdown by firing a warning shot at republicans. he reiterated that call yesterday. >> one thing i will not compromise over is whether congress should pay the tab for a bill already racked up. the congress refuses to give the united states the ability to pay its bills on time, the results for the global economy could be catastrophic. >> congress has vowed to use the upcoming votes to get more spending cuts to entitlement programs like medicare. some are threatening a government shutdown. in a moment, we'll talk to alan simpson and erskine bowles about where they see the fiscal cliff deal leaving the country. they say it falls short. but first, the man who brokered the deal with the white house on behalf of the republicans and no doubt will be a key figure in the battles ahead, the top republican in the senate, mitch mcconnell. he joins me now. leader mcconnell, happy new ye
's much longer term than that. but we managed to do both budget and debt ceiling deals before. we've done a fiscal cliff deal. we need to give ourselves breathing space but that's going to take really serious spending cuts from the administration. those things are on the table, not just through the debt ceiling and through sequester and continuing resolution, i would hope the president put things on the table that he put on there in the summer of 2011 and more recently things like to change like looking at raising gradually rates of eligibility and means testing. there's really important structural changes that need to happen to give the country fiscal stability. but the aadministration will have to stand up to its own party and produce bold ideas and frankly be willing to work with republicans to get the job done. >> one thing i want to show everybody is politico having this front page profile, the hell no caucus, backed up by the conservative group the club for growth. congressman from arkansas cotton saying, that he would have voted both speaker boehner plan b on millionaires in the fi
the upcoming fight over the debt ceiling could force the treasury department to delay sending out tax refunds. >>> and on march 1st, the treasury department will stop sending social security checks through the mail. recipients have to switch to electronic payments, either direct deposit or debit card. the change is expected to save taxpayers $1 billion over the next ten years. terrell? >> erica ferrari, thank you so much. >>> coming up next your wednesday morning weather and how lance armstrong allegedly bullied his critics into keeping quiet. scott pelley spoke with the person in charge. living with moderate to severe rheumatoid arthritis means living with pain. it could also mean living with joint damage. help relieve the pain and stop the damage with humira, adalimumab. for many adults with moderate to severe ra humira is clinically proven to help relieve pain and stop joint damage. so you can treat more than just the pain. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal events, such as infections, lymphoma or other t
ceiling was january 31. just trying to mesh that with the fiscal cliff. and the republicans said no, separate issue. it is also a separate issue from the sequester. and what the republicans have said and what they told the president to a year and a half ago. the president lost, but likins won on the question of if we wanted to raise the debt ceiling because obama is overspending. you have to cut spending dollar for dollar by the same amount. speaker boehner has reiterated that that is enough. so has mitch mcconnell. the president of united states can stand up and say that i lied to you and i said i wanted to reduce running. i like you, and i said i was going to offer government reforms. but if he does that, i think he isn't is in a very weak position and democrats are killing themselves if they think that the american people want to continue overspending. and the debt that obama is running out. we can give the president a month of debt ceiling increase or six months or year. then you have the continuing resolutions. because the democrats have not passed the budget or written a budge
the fights. the fiscal cliff debate -- it doesn't end. >> the united states still faces huge debt and the need to raise the debt ceiling, more money can be borrowed. >> the last time they couldn't get the debt ceiling under, that's where we got to the fiscal cliff, right? >> that's right. that big fight over raising the debt ceiling. remember, the danger -- this is one reason the president wanted the first deal, the thing he's really thinking about when he says i am not negotiating, i'm not letting this in negotiations, raising the debt ceiling, he doesn't want the worlds destabilized. he wants to get the united states' fiscal house in order. he doesn't want a fight. historically this has not been a big fight. if the republicans hold his ground and the president holds his ground, the fight we had over the fiscal cliff will look like child's play compared to this battle. >> john boehner re-elected speaker of the house this week but not without republican defections. if there are winners and losers -- hate using that term because it seems that everything is about winning and losing.
line debt ceiling and budget negotiation including the fiscal cliff that happened. >> greta: the irony of opening the door to your new office and finding an office full of manure because the other guy left is fascinating. eric, thank you. >> thanks a lot. >> greta: a video that everybody is talking about a dream wedding in a hot air balloon takes a surprising and scary turn. the bride and groom just exchanged wedding vows over the skies in san diego, and the wind began to swing it back and forth like a pendulum, force it go to crash into a fence in the neighborhood. the bride and groom are uniphased and now on their honeymoon. that's what you call a wedding video. and coming up, it could be a devastating blow to the investigation, the benghazi terror attacks and one of the only suspects in custody was just released. a live report from tunisia. in two minutes when you thought you've seen it all. a new reality show sparking outrage before it aired. has tv finally gone too far. has tv finally gone too far. you see y y y y y the capital one cash rewards card gives you 1% cash back on all p
the debt ceiling, and almost went over the fiscal cliff. all crises of their own making. ezra klein is also an msnbc political analyst and "washington post" columnist. robert costa is the washington editor at national review and a cnbc contributor. gentlemen, the 112th congress was not only unproductive, it was hugely unpopular. for comparison's sake, the irs, nixon during watergate and bp during the oil spill all had higher popularity ratings than this congress, and yet, ezra klein, if the objective was to thwart all things obama, you could say they were immensely successful. >> and yet they weren't because the overarching strategy was to eventually thwart obama himself, to get him not re-elected, to allow mitt romney or whoever was the republican nominee for president, to become president in 2012 thus fulfilling what senate minority leader mitch mcconnell once referred to as his top priority. that didn't work at all. the republican brand was so tarnished in part because of the actions of the 112th congress, in part because of the way republicans acted around things like the debt ceiling,
the previous ones or certainly not better in any way because there's higher stakes with this debt ceiling a lot of people would argue and it doesn't look like either side is necessarily budging. i this i the republicans are -- i think the republicans are betting maybe the tax hikes were off the table, and then pelosi on down the democrats are saying no that's not the case. how do you see the next round going? >> i think unfortunately people have an expectation that there will be theatrics, brinksmanship, then there will be some sort of agreement or deferral or kicking the can down the road, and nobody has an expectation that there will be effectiveness or really solving a problem, certainly solving a problem for the long-term. there's just diminished expectations about what washington generally and congress specifically can even achieve and people are getting discouraged and that becomes sort of a self-fulfilling prophesy where people don't expect much. they don't get much. and it's a circle. it's a cycle that inhibits washington, government's effectiveness, congress's effectiveness and it's a
year. fiscal cliff, the sandy aid, debt ceiling, a lot of issues we need him in the saddle, focused in the job, not focused as mayor of the city of newark. >> you always get these blowing, rave, wonderful articles. "the new york times," not nice at all, they say are you a better marketer than mayor. is it hurtful? >> probably one of the more frustrating articles of my career. they glossed over what we have done, since instituting court reform, prisoner entry reform, doubled the amount of affordable housing to dealing with veterans issues. a frustrating article. but as you said, sometimes you won't get flowing press. the press sometimes likes to build you up and take you down. >> what? what? >> my mom says i hope this is a lesson you should not read all of the good things about yourself. >> your mother would love my mother. chuck hagel? >> i think he has to focus, the president, on defending the nation. give him a lot of latitude. >> do you worry about the jewish lobby. he didn't say the israel lobby. the jewish lobby. talking about a diplomat being aggressively gay, iran and sanctio
down clock is ticking down on the next potential crisis over the debt ceiling and sequester cuts. today an interview that raised eyebrows all over the city especially among republicans. correspondent shannon bream reports on the inside look on president's spending. >> with the last fiscal deal they are gearing up. as one of the key players talk about what happened the last time around. in an interview, house speaker says, quote at one point several weeks ago the president said to me, we don't have a spending problem. boehner says he was stunned and repeatedly push the issue with the president. he says mr. obama grew irritated and said i am tired hearing you say that. there is no give to the president's advantage and he won't hold any more closed door meetings with the president because he called it futile. the president vowed there will be no debate whether to raise the nation's already exceeded debt ceiling. a key thing that republicans will give them much better positioning as the u.s. hovered dangerously close to the fiscal cliff. the two sides don't agree whether tax revenue is sett
-created cliff of some sort? >> well, here are the facts: we have to raise the debt ceiling. leader mcconnell and speaker boehner have said that in the past, that its inconceivable that we would default. and that's one issue, and that is an issue that is congresss responsibility, and they need to fulfill their responsibility and make sure that the united states of america, as it has throughout its existence, pays its bills. separately, we continue to have challenges embodied in one instance by the sequester that we need to resolve in concert with congress. and the need to do that presents an opportunity to in a balanced way achieve further significant deficit reduction. the president, as you know, twice now has pursued a big deal with speaker boehner that in its totality would have achieved over $4 trillion in deficit reduction over a decade. because of the nature of those negotiations and the inability of the speaker to, in the end, reach a compromise with the president, we have found ourselves needing to take sort of smaller steps in pursuit of that overall goal. but the goal remains one th
on january 21 but with fiscal cliff negotiations half done, and another debate over raising the debt ceiling, some are saying he may stay on longer. a spokesperson is denying the rumors. >>> in 6 hours from now crews will get a look at the bay lights exhibit on the bay bridge. pictures here show a simulation. crews began putting in the lights on the bridge's west spannen september. a lighting -- span in september. >>> a rare sighting of a river otter is drawing quite the crowd. ktvu's lorraine blanco has more on the animal and how his hormones is why he might leave the bay area. >> reporter: dozens are making the trek down there hoping to get a look at a river otter. it is becoming a symbol of hope for all wildlife. >> reporter: he plays among the ruins. a popular spot for tourists. >> we were staying over here and we saw the otter. it was funny. >> reporter: sam first spotted in september was the first river otter seen in san francisco in decades. >> very playful. fun loving. >> he went down and did that a few times. >> i am standing where i think he might be building a nest and hoping he w
about fights over the debt ceiling. but let's be frank. this is going to take some courage from him, isn't it? >> it really is. this is about a mortality clip. not a clip you slip into your gun, but the kind of pace at which we proceed in this nation believing that we are somehow immortal or we are beyond the call of our own common humanity to the cries of children muffled with gunfire that is so rapid and automatic that it leaves in its trail an enormous and hey nous carnage. the president has to say enough is enough. he must be our voice piece. the voice of the people speaks through his own voicebox right now. and he must articulate our outrage, our desire to see something done. and to exercise the leverage he has as president whether as julian said an executive order or ginning up the kind of protest against the outrageousness of the nra or galvanizing the sentiments of this nation to finally say look we have paid the ultimate price. we are talking about abortion, of mortgaging the future. what about the explicit denienl of life to millions of young people as a result of the pregnancy
as they head into the next battle on the fiscal cliff, spending cuts and the debt ceiling. the president's top economists saying that the resolution of the first part of the fiscal cliff extending the bush tax cuts for most families should help economic growth and job creation by keeping more money in consumers' pockets for consumer spending. now he says republicans need to act on part 2 of the fiscal quick, raising the debt ceiling. >> one of the reasons it is important congress resolve the issues that were left unresolved in the taxpayer relief act is the economy will do better if we address the issues like the debt ceiling without drama. peter: republicans are saying today's jobs report shows washington needs to reduce spending and deficits to boost economic growth and job creation. john boehner out with the statement saying all of that, the drag on quote the house will pass real spending cuts, meaningful reforms of entitlement programs that are driving us deeper into debt and a fairer, clean air tax code. cheryl: were you surprised? he sounded like he is truly saying this is not a turning
reaching a deal on the "fiscaa cliff"... congress now faces talks over raising the nation's debt ceiling. ceiling.in annapolis....here is growing concern about what wiil happen... and what it could mean to marylann. repubbicans on capitol hill want maasive cuts to government programs in amount that uncle sam can borrow.but f that happens... ttousaans of federaa employees in maryland could be laid off... and there ould be huge cuts elsewheree (governor) "we are seeing solid signs of economic peccvery in maryland, but all pf that's in jeopardy if the republican members of congress are not able to act with the same sort of balanced approach marrland."the governor will nnm" unveil his budget for the 2214 fiscal year next week. 3 tailgating always sttrts early when yoo are following the purple friday caravan. but this time itts more justified then ver.... instead of aiting until &psunday, the rvenn are challenging the brrncos 4:30. joel d. smith is live in white marsh to see why the different when it comes to the ravens and payton manning. manning.peyton vs. raa lewis last time...
to hear us talking about around here is the debt ceiling, which, make no mistake, has the capacity to crash the u.s. economy. so wouldn't it be just like the current thinking in washington and the cast of characters there if they could mint a coin they could spend that could solve the problem. believe it or not, some serious people are asking, why not? our report tonight from nbc's kevin tibbles. >> one fight down is another taken up. >> reporter: deadlock in washington? again? >> take all the fights we had, and put them all in one fight. >> some are even threatening another government shutdown. >> reporter: how to solve it. ♪ what if we simply minted a platinum trillion-dollar coin? not entirely new, the trillion-dollar bill was introduced on "the simpsons." >> ooh, a trillion-dollar bill, that's a spicy meatball. >> reporter: still it is an idea getting a lot of currency online. petition with more than 6,000 signatures and nobel prize winning economist paul krugman says the president should be ready to mint that coin. in theory the treasury would mint the trillion-dollar coin a
, the 2011 debt ceiling crisis and, most recently, the 2012 fiscal cliff. so you can't say it's all that he knows how to work a room or that he knows how to give a passionate speech. he gets things done. >> he's an incredibly as constitute politician. he understands the importance of connecting with folks. as you mentioned, most recently with the fiscal cliff. let's remember he also help s t broker obama care. he loves the idea of going in one-on-one, toe-to-toe and negotiating with folks. i hope the president basically has him hand over immigration reform. you're absolutely right. we can't do piecemeal. we have to do comprehensive. it's actually in the republicans' best interest to do comprehensive immigration reform. if they choose piecemeal by piecemeal, there's no way that they're going to get the latino community on board with them. but if they're able to pass a comprehensive piece of legislation, it can focus on the real issues at hand. >> thanks both of you for your time tonight. >> have a great week enld, rev. >> you, too. >> coming up, who knew the rightties loved to recycle. they'
. this will kill us. >> the question is, if we went over the cliff or didn't fail to raise the debt ceiling, certainly there would be dire consequences. the question is, when else is the congress of the united states going to do anything proactively about spending? they have proven definitively over the last 70 years that they cannot do it. and this has become, for better or for worse, the pivot point. the demarkation, the line in the sand, president obama says, is he not going to tolerate a debt ceiling fight but the truth is, it doesn't matter whether he's going to tolerate it or not. >> it's not for better or worse, margaret, and you know that. you know it's absolutely for worse. >> is getting our spending under control for worse, though? >> the idea that you would allow us to default is outrageous. and there's no way to even kind of deal with that and to argue that as a legitimate point. >> but do you think arguing that we go off the cliff might be a secure deal? >> you do have the sequester. you may have a budget. i'm not saying you don't have a fight. i'm not saying you p don't have a
: the president says there's not going to be a fight over the debt ceiling we know the money has running out at this point and they have to do something and republicans have held it out during the fiscal cliff negotiations as the next best opportunity to negotiate and democrats need their votes to get that ceiling raised, but the white house says we're not going to negotiate and there's not going to be a fight. >> that's not what the republican said is saying. john boehner, speaker boehner after not getting half of his caucus, having to depend on democrats for the fiscal cliff vote is now saying that we gave in on taxes, now it's time for spending cuts, serious entitlement reforms, which is where, you know, the the bulk of our long-term fiscal problems are. and this is going to be used, the debt ceiling is going to be used to get cuts. mitch mcconnell has said something similar. so you have the president saying one thing, but those in the house and senate, the republican leaders, saying something completely different. >> shannon: yeah, they think this is going to be all about spending ab tha
-called fiscal cliff may be behind us, but the next round of the debt ceiling debate looms large in the near future. i'll ask the co-chair for the campaign to fix the debt what lies ahead. >>> and report that tim geithner will leave before that battle has many wondering how that could affect the economy. >>> if you think hillary's departure of the secretary of state will leave the country without a clinton on center stage, think again. >>> and "office politics." i talk to al roker from everything from the fiscal cliff to the first one-on-one he scored with the president after his short inauguration. good morning, welcome to "weekends with alex witt." we have front page politics. with the fiscal cliff deal behind us, president obama is turning his attention to the next battle in today's weekly address, the debt ceiling. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they already wracked up. if congress refuses to give the united states the ability to pay its bill on time, consequences for the entire global economy could be catastrophic. >> mea
fiscal cliff or debt ceiling crisis exactly one month from now, that's why the spot vix is so low. but there are people out there who said to me this morning, it's cheaper to go out and buy calls on stock than stocks right now. it might be better strategy to just buy calls on a short-term basis. alcoa kicking off earnings season. jim, you mentioned what's going on. i don't know the expectations are very high here. inventory levels are very high. the dollar was weak. aluminum prices barely budged at all in the fourth quarter. obviously this is going to be in 2013 guidance. but right now, they're going to have to be pretty optimistic about things in 2013. i think to move the dial on alcoa. >> you're absolutely right. i know klaus, the ceo, was very optimistic about a bunch of different product lines. but in the end, it's the commodity that is controlling. one day it will be the product lines. great, great analysis. let's head to the bond pits to the cme group in chicago. go ahead, rick. >> jim, it's only been several weeks since there was a lot of intensity regarding, have we starte
: fights over the sequester and the debt ceiling coming around march first. and as sylvia hall reports, there are low expectations lawmakers can get the job done peacefully. >> reporter: returning lawmakers didn't get much of a break after that bruising fiscal cliff battle. they're back in washington today, swearing in the new congress. demographically, it's the most diverse group ever sworn in. but politically, this congress is expected to deliver the same gridlock as the last one. >> the problem is that the congress is very vided, not only are the two houses divided, but each party is further away from the middle than has been in the past, and the public- the american public itself, is very divided. >> reporter: they'll start the year by tackling some big issues left over from last session. first in the house, a bill to help victims of superstorm sandy. house speaker john boehner nixed the vote in the last hours of 2012, drawing a firestorm of criticism. it comes up in the house in two parts- the first tomorrow, and the other mid-january. >> the next act will begin a couple of months
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